Fourth Quarter 2020:
- Sales of $289 million, down 22% versus prior year period;
Organic Sales down 21%
- Operating Margin of 11.3%; Adjusted Operating Margin of
11.4%, down 580 bps
- GAAP EPS of $0.35; Adjusted EPS of $0.36, down 58% versus
prior year period
Full Year 2020:
- Sales of $1,124 million, down 25% from 2019; Organic Sales
down 22%
- Operating Margin of 11.0%; Adjusted Operating Margin of
12.8%, down 360 bps
- GAAP EPS of $1.24; Adjusted EPS of $1.64, down 49% from
2019
2021 Outlook:
- 2021 Organic Sales Growth of +6% to +8%
- 2021 Adjusted EPS of $1.65 to $1.90; Approximately Flat to
Up 16% from 2020 Adjusted EPS of $1.64
Barnes Group Inc. (NYSE: B), a global provider of highly
engineered products, differentiated industrial technologies, and
innovative solutions, today reported financial results for the
fourth quarter and full year 2020.
“Barnes Group delivered sequentially improved financial results
in the fourth quarter and exceeded the high-end of our adjusted EPS
outlook. After the historic disruption of business brought on by
the global COVID-19 pandemic, the Company’s cost management and
cash generation focus of 2020 is shifting to restarting our growth
engine, as Industrial end markets are improving and Aerospace end
markets are beginning to stabilize,” said Patrick J. Dempsey,
President and Chief Executive Officer of Barnes Group Inc. “While
continuing impacts of the pandemic remain and will be managed, our
2021 focus has returned to growth, with an emphasis on driving
innovation and digital initiatives across the organization,” added
Dempsey. “We envision elevated investment in these initiatives as
we position the Company to best leverage the future economic
recovery.”
Fourth Quarter 2020 Highlights
Fourth quarter 2020 net sales of $289 million were down 22% from
$370 million in the prior year period, with organic sales (1)
declining 21% primarily driven by the ongoing impacts of the global
pandemic on the Company’s end markets. Divested Seeger sales had a
negative impact of 3%, while foreign exchange had a positive impact
of 3%. Since the sales low point of the second quarter, the Company
has now delivered two consecutive quarters of sequential revenue
improvement, with fourth quarter net sales increasing 7% from the
third quarter. Operating income was $32.7 million versus $61.3
million a year ago. Operating margin decreased 520 bps to 11.3%.
Excluding an aggregate $0.2 million of restructuring charges and
Seeger divestiture adjustments, adjusted operating income was $32.9
million and adjusted operating margin was 11.4%, down 580 bps from
last year.
Net income for the fourth quarter was $17.7 million, or $0.35
per diluted share, compared to $41.0 million, or $0.80 per diluted
share, a year ago. On an adjusted basis, net income per share of
$0.36 was down 58% from $0.86 a year ago. Adjusted net income per
diluted share in the fourth quarter of 2020 excludes $0.01 of
restructuring costs and Seeger divestiture adjustments. Fourth
quarter 2019 adjusted net income per share excludes a $0.05 benefit
related to the finalization of Gimatic short-term purchase
accounting in our Industrial Segment and excludes an $0.11 non-cash
impairment charge related to the disposition of the Seeger
business.
Full Year 2020 Highlights
For the full year 2020, Barnes Group produced net sales of
$1,124 million, down 25% from $1,491 million in the prior year.
Full year organic sales were down 22%. Divested Seeger sales had a
negative impact of 3%, while foreign exchange had a positive impact
of 1%. Operating income was $123.4 million versus $236.4 million a
year ago, while operating margin decreased 490 bps to 11.0%. On an
adjusted basis, operating income was $144.0 million this year
versus $244.1 million last year, a decrease of 41%. Adjusted
operating margin was 12.8%, down 360 bps from 16.4% in the prior
year.
Interest expense for 2020 was $15.9 million, a decrease of $4.7
million from the prior year due to lower average borrowings and the
benefit of a lower average interest rate.
Other expense was $5.9 million compared to $9.0 million a year
ago, primarily as a result of lower foreign exchange losses, offset
in part by unfavorable pension expense.
The Company’s effective tax rate in 2020 was 37.6% compared with
23.4% last year with the increase largely due to a decrease in
earnings in jurisdictions with lower rates, the recognition of tax
expense related to the completed sale of the Seeger business during
the first quarter of 2020, the impact of the global intangible
low-taxed income tax on foreign earnings in the U.S. and excess tax
charges related to stock awards granted in prior years.
Net income for the year was $63.4 million, or $1.24 per diluted
share, compared to $158.4 million, or $3.07 per diluted share, a
year ago. On an adjusted basis, 2020 net income per share was
$1.64, down 49% from $3.21 in 2019. Adjusted net income per share
for 2020 excludes $0.27 of restructuring costs and $0.13 of Seeger
divestiture adjustments. For 2019, adjusted net income per share
excludes $0.03 of Gimatic short-term purchase accounting
adjustments and an $0.11 non-cash impairment charge related to the
disposition of the Seeger business.
2020 full year cash provided by operating activities was $215.5
million versus $248.3 million in the prior year period. Free cash
flow was $174.8 million compared to $195.0 million last year.
Capital expenditures were $40.7 million, down $12.6 million from a
year ago.
Segment Performance and End Market
Outlook
Industrial
Fourth quarter sales were $209.1 million, down 9% from $230.9
million in the prior year period. Organic sales decreased 8%
primarily related to a significant volume decrease caused by the
continuing impacts of the COVID-19 pandemic on automotive and
industrial end markets. Divested Seeger revenues of $12.6 million
had a negative impact of 5%, while favorable foreign exchange
increased sales by $10.2 million, or 4%. On a sequential basis,
total Industrial sales increased 6% from the third quarter of
2020.
Operating profit in the fourth quarter was $24.5 million, down
19% from $30.2 million in the prior year period. The decrease was
driven by lower sales volumes, partially offset by cost initiatives
such as workforce reductions, temporary compensation cuts, and
discretionary expense curtailments. Operating margin was 11.7%,
down 140 bps from a year ago. Excluding an aggregate $0.2 million
of restructuring charges and Seeger divestiture adjustments,
adjusted operating profit of $24.7 million was down 24% from last
year’s adjusted operating profit of $32.5 million. Adjusted
operating margin of 11.8% was down 230 bps from a year ago.
During the fourth quarter, manufacturing PMIs in our major
geographic regions remained solid and our Industrial organic orders
growth of 10% over the prior year period reflected such strength.
Although the global pandemic will continue to impact our
expectations for our Industrial businesses, we anticipate 2021 to
show continued progress along a recovery path in both sales and
operating margin.
Industrial’s full year 2020 sales were $770.1 million, down 18%
from $938.5 million a year ago. Organic sales were down 14%. The
Seeger divestiture had an unfavorable sales impact of 5%, while
favorable foreign exchange had a positive impact of 1%. Full year
operating profit of $66.6 million was down 42% from $114.0 million
in the prior year. On an adjusted basis, operating profit was $85.0
million for 2020 versus $121.6 million a year ago, a decrease of
30%. Adjusted operating margin was 11.0%, down 200 bps from
2019.
Aerospace
Fourth quarter sales were $80.0 million, down 43% from $139.3
million last year as the COVID-19 pandemic continues to impact
global aerospace end markets. Aerospace original equipment
manufacturing (“OEM”) sales decreased 39% while aftermarket sales
decreased 49%. On a sequential basis, Aerospace sales increased 11%
from the third quarter of 2020.
Operating profit was $8.2 million, down 74% from $31.1 million
in the prior year period, reflecting the impact of lower sales
volumes. Operating margin was 10.2% versus 22.3% a year ago.
For the fourth quarter, global aerospace end markets remained
under considerable strain driven by the pandemic. We continue to
anticipate that our OEM business will see muted demand for its
manufactured components as aircraft production rates at Boeing and
Airbus have been reduced. In the aerospace aftermarket, lingering
declines in aircraft utilization and diminished airline
profitability will negatively impact our business.
Full year 2020 Aerospace sales were $354.3 million, down 36%
from a record $552.6 million last year. Operating profit was $56.8
million, down 54% from last year’s record $122.5 million. Operating
margin was 16.0% versus 22.2% last year. On an adjusted basis,
which excludes $2.3 million in 2020 restructuring charges, adjusted
operating profit was $59.0 million and adjusted operating margin
was 16.7%.
Aerospace OEM backlog ended the year at $572 million, up 7% from
September 2020. The Company expects to ship approximately 45% of
this backlog over the next 12 months.
Balance Sheet and
Liquidity
Barnes Group’s balance sheet remains well-positioned with
sufficient liquidity to fund operations. The Company has liquidity
of $79 million in cash and $406 million available under the
revolving credit facility, subject to covenants which would have
allowed $162 million under our current credit agreements. With
respect to the balance sheet, our “Debt to EBITDA” ratio, as
defined in our credit agreements, was approximately 3.0 times at
year end. The Company is in full compliance with all covenants
under its amended credit agreements.
2021 Outlook
Barnes Group expects 2021 organic sales to be up 6% to 8%.
Foreign exchange is anticipated to have a minimal impact on 2021
sales. Adjusted operating margin is forecasted to be in the range
of 12.0% to 14.0%. Adjusted earnings per share are expected to be
in the range of $1.65 to $1.90, approximately flat to up 16% from
2020’s adjusted earnings per share of $1.64. Adjusted earnings per
share for 2021 are anticipated to exclude $0.02 related to residual
restructuring charges for previously announced actions. Further,
the Company forecasts capital expenditures of approximately $55
million and cash conversion of greater than 100% of net income. The
effective tax rate for 2021 is expected to be approximately
30%.
“Although 2020 presented unprecedented business challenges,
swift actions including cost management allowed Barnes Group to
generate strong cash flow and remain in a solid financial position.
We continue to invest in our businesses, positioning the Company
for the anticipated recovery of our end markets. As 2021 unfolds,
we anticipate organic revenue growth to return for our Industrial
business, while Aerospace is expected to remain pressured. As sales
volume returns, we expect margin leverage to follow,” said Marian
Acker, Vice President, Controller and Interim Chief Financial
Officer, Barnes Group Inc.
Conference Call
Information
Barnes Group Inc. will conduct a conference call with investors
to discuss fourth quarter and full year 2020 results at 8:30 a.m.
ET today, February 19, 2021. The public may access the conference
through a live audio webcast available on the Investor Relations
section of Barnes Group’s website at www.BGInc.com. The conference
is also available by direct dial at (844) 884-8225 in the U.S. or
(647) 689-4194 outside of the U.S.; Conference ID 4892667.
Supplemental materials will be posted to the Investor Relations
section of the Company's website prior to the conference call.
In addition, the call will be recorded and available for
playback from 12:00 p.m. (ET) on Friday, February 19, 2021 until
11:59 p.m. (ET) on Friday, February 26, 2021, by dialing (416)
621-4642; Conference ID 4892667.
Note: (1) Organic sales decline represents the total
reported sales decrease within the Company’s ongoing businesses
less the impact of foreign currency translation and acquisition and
divestitures completed in the preceding twelve months.
About Barnes Group
Barnes Group Inc. (NYSE: B) is a global provider of highly
engineered products, differentiated industrial technologies, and
innovative solutions, serving a wide range of end markets and
customers. Its specialized products and services are used in
far-reaching applications including aerospace, transportation,
manufacturing, automation, healthcare, and packaging. The skilled
and dedicated employees of Barnes Group around the globe are
committed to the highest performance standards and achieving
consistent, sustainable profitable growth. Barnes Group is
committed to corporate accountability and furthering environmental,
social and governance principles as evidenced by our listing as one
of America’s Most Responsible Companies by Newsweek. For more
information, visit www.BGInc.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements often address our expected future
operating and financial performance and financial condition, and
often contain words such as “anticipate,” “believe,” “expect,”
“plan,” “estimate,” “project,” “continue,” “will,” “should,” and
similar terms. These forward-looking statements do not constitute
guarantees of future performance and are subject to a variety of
risks and uncertainties that may cause actual results to differ
materially from those expressed in the forward-looking statements.
These include, among others: difficulty maintaining relationships
with employees, customers, distributors, suppliers, business
partners or governmental entities; failure to successfully
negotiate collective bargaining agreements or potential strikes,
work stoppages or other similar events; difficulties leveraging
market opportunities; changes in market demand for our products and
services; rapid technological and market change; the ability to
protect and avoid infringing upon intellectual property rights;
introduction or development of new products or transfer of work;
higher risks in global operations and markets; the impact of
intense competition; acts of terrorism, cybersecurity attacks or
intrusions that could adversely impact our businesses; the impacts
of the COVID-19 pandemic on our business, including on demand,
supply chains, operations and our ability to maintain sufficient
liquidity throughout the unknown duration and severity of the
pandemic; the failure to achieve anticipated cost savings and
benefits associated with workforce reductions and restructuring
actions, including actions previously announced by the Company;
uncertainties relating to conditions in financial markets; currency
fluctuations and foreign currency exposure; future financial
performance of the industries or customers that we serve; our
dependence upon revenues and earnings from a small number of
significant customers; a major loss of customers; inability to
realize expected sales or profits from existing backlog due to a
range of factors, including changes in customer sourcing decisions,
material changes, production schedules and volumes of specific
programs; the impact of government budget and funding decisions;
government tariffs, trade agreements and trade policies; the impact
of new or revised tax laws and regulations; the adoption of laws,
directives or regulations that impact the materials processed by
our products or their end markets; changes in raw material or
product prices and availability; the continuing impact of prior
acquisitions and divestitures; integration of acquired businesses;
and any other future strategic actions, including acquisitions,
divestitures, restructurings, or strategic business realignments,
and our ability to achieve the financial and operational targets
set in connection with any such actions; the outcome of pending and
future legal, governmental, or regulatory proceedings and
contingencies; product liabilities and uninsured claims; future
repurchases of common stock; future levels of indebtedness; and
numerous other matters of a global, regional or national scale,
including those of a political, social, economic, business,
competitive, environmental, regulatory and public health nature
(including the COVID-19 pandemic); and other risks and
uncertainties described in this Annual Report. The Company assumes
no obligation to update its forward-looking statements.
BARNES GROUP INC. CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited) Three months ended December 31,
Twelve months ended December 31,
2020
2019
% Change
2020
2019
% Change
Net sales
$
289,125
$
370,171
(21.9
)
$
1,124,391
$
1,491,118
(24.6
)
Cost of sales
189,024
226,784
(16.7
)
721,238
944,154
(23.6
)
Selling and administrative expenses
67,403
82,131
(17.9
)
279,783
310,516
(9.9
)
256,427
308,915
(17.0
)
1,001,021
1,254,670
(20.2
)
Operating income
32,698
61,256
(46.6
)
123,370
236,448
(47.8
)
Operating margin
11.3
%
16.5
%
11.0
%
15.9
%
Interest expense
4,021
4,774
(15.8
)
15,944
20,629
(22.7
)
Other expense (income), net
3,230
2,932
10.2
5,931
8,975
(33.9
)
Income before income taxes
25,447
53,550
(52.5
)
101,495
206,844
(50.9
)
Income taxes
7,730
12,577
(38.5
)
38,120
48,494
(21.4
)
Net income
$
17,717
$
40,973
(56.8
)
$
63,375
$
158,350
(60.0
)
Common dividends
$
8,100
$
8,130
(0.4
)
$
32,402
$
32,544
(0.4
)
Per common share: Net income: Basic
$
0.35
$
0.80
(56.3
)
$
1.25
$
3.09
(59.5
)
Diluted
0.35
0.80
(56.3
)
1.24
3.07
(59.6
)
Dividends
0.16
0.16
-
0.64
0.64
-
Weighted average common shares outstanding: Basic
50,865,216
51,025,733
(0.3
)
50,880,846
51,213,518
(0.6
)
Diluted
51,021,633
51,379,008
(0.7
)
51,097,586
51,633,169
(1.0
)
BARNES GROUP INC. OPERATIONS BY REPORTABLE BUSINESS
SEGMENT (Dollars in thousands) (Unaudited)
Three months ended December 31, Twelve months ended
December 31,
2020
2019
% Change
2020
2019
% Change
Net sales Industrial
$
209,080
$
230,913
(9.5
)
$
770,127
$
938,507
(17.9
)
Aerospace
80,045
139,258
(42.5
)
354,272
552,611
(35.9
)
Intersegment sales
-
-
(8
)
-
Total net sales
$
289,125
$
370,171
(21.9
)
$
1,124,391
$
1,491,118
(24.6
)
Operating profit Industrial
$
24,519
$
30,177
(18.7
)
$
66,582
$
113,968
(41.6
)
Aerospace
8,179
31,079
(73.7
)
56,788
122,480
(53.6
)
Total operating profit
$
32,698
$
61,256
(46.6
)
$
123,370
$
236,448
(47.8
)
Operating margin
Change Change
Industrial
11.7
%
13.1
%
(140
)
bps.
8.6
%
12.1
%
(350
)
bps. Aerospace
10.2
%
22.3
%
(1,210
)
bps.
16.0
%
22.2
%
(620
)
bps. Total operating margin
11.3
%
16.5
%
(520
)
bps.
11.0
%
15.9
%
(490
)
bps.
BARNES GROUP INC. CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) (Unaudited)
December 31,2020 December 31,2019 Assets
Current assets Cash and cash equivalents
$
79,145
$
93,805
Accounts receivable
251,460
348,974
Inventories
238,008
232,706
Prepaid expenses and other current assets
73,732
67,532
Assets held for sale
-
21,373
Total current assets
642,345
764,390
Deferred income taxes
22,092
21,235
Property, plant and equipment, net
370,947
356,603
Goodwill
1,011,580
933,022
Other intangible assets, net
564,132
581,116
Other assets
65,130
53,924
Assets held for sale
-
28,045
Total assets
$
2,676,226
$
2,738,335
Liabilities and Stockholders' Equity Current
liabilities Notes and overdrafts payable
$
2,115
$
7,724
Accounts payable
112,428
118,509
Accrued liabilities
178,560
209,992
Long-term debt - current
2,276
2,034
Liabilities held for sale
-
4,616
Total current liabilities
295,379
342,875
Long-term debt
699,868
825,017
Accrued retirement benefits
98,171
93,358
Deferred income taxes
91,668
88,408
Long-term tax liability
59,063
66,012
Other liabilities
49,400
45,148
Liabilities held for sale
-
6,989
Total stockholders' equity
1,382,677
1,270,528
Total liabilities and stockholders' equity
$
2,676,226
$
2,738,335
BARNES GROUP INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (Dollars in thousands) (Unaudited)
Twelve months ended December 31,
2020
2019
Operating activities: Net income
$
63,375
$
158,350
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
87,656
99,059
(Gain) loss on disposition of property, plant and equipment
(94
)
236
Stock compensation expense
10,300
13,306
Seeger divestiture charges
6,677
-
Non-cash impairment charge related to divestiture
-
5,600
Changes in assets and liabilities, net of the effects of
divestitures: Accounts receivable
107,381
29,212
Inventories
2,147
11,482
Prepaid expenses and other current assets
(5,721
)
(10,640
)
Accounts payable
(9,968
)
(22,546
)
Accrued liabilities
(37,430
)
2,336
Deferred income taxes
(5,867
)
(12,025
)
Long-term retirement benefits
(1,418
)
(16,233
)
Long-term tax liability
(6,949
)
(6,949
)
Other
5,373
(2,887
)
Net cash provided by operating activities
215,462
248,301
Investing activities: Proceeds from disposition of
property, plant and equipment
449
577
Proceeds from the sale of businesses, net of cash sold
36,062
-
Capital expenditures
(40,698
)
(53,286
)
Business acquisitions, net of cash acquired
-
(6,061
)
Other
-
(3,450
)
Net cash used by investing activities
(4,187
)
(62,220
)
Financing activities: Net change in other borrowings
(5,855
)
5,490
Payments on long-term debt
(266,424
)
(341,419
)
Proceeds from the issuance of long-term debt
98,107
236,552
Proceeds from the issuance of common stock
1,989
5,492
Common stock repurchases
(15,550
)
(50,347
)
Dividends paid
(32,402
)
(32,544
)
Withholding taxes paid on stock issuances
(3,368
)
(6,059
)
Other
3,837
(9,158
)
Net cash used by financing activities
(219,666
)
(191,993
)
Effect of exchange rate changes on cash flows
6,054
(1,002
)
Decrease in cash, cash equivalents and restricted cash
(2,337
)
(6,914
)
Cash, cash equivalents and restricted cash at beginning of
year
93,805
100,719
Cash, cash equivalents and restricted cash at end of year
91,468
93,805
Less: Restricted cash, included in Prepaid expenses and
other current assets
(4,944
)
-
Less: Restricted cash, included in Other assets
(7,379
)
-
Cash and cash equivalents at end of year
$
79,145
$
93,805
BARNES GROUP INC. RECONCILIATION OF NET CASH PROVIDED BY
OPERATING ACTIVITIES TO FREE CASH FLOW (Dollars in
thousands) (Unaudited) Twelve months
ended December 31,
2020
2019
Free cash flow: Net cash provided by operating
activities
$ 215,462
$ 248,301
Capital expenditures
(40,698)
(53,286)
Free cash flow(1)
$ 174,764
$ 195,015
Free cash flow to net income cash conversion ratio (as
adjusted): Net income
$ 63,375
$ 158,350
Seeger divestiture charges
6,677
-
Non-cash impairment charge related to divestiture
-
5,600
Net income (as adjusted)(2)
$ 70,052
$ 163,950
Free cash flow to net income cash conversion ratio (as
adjusted)(2)
249%
119%
Notes: (1) The Company defines
free cash flow as net cash provided by operating activities less
capital expenditures. The Company believes that the free cash flow
metric is useful to investors and management as a measure of cash
generated by business operations that can be used to invest in
future growth, pay dividends, repurchase stock and reduce debt.
This metric can also be used to evaluate the Company's ability to
generate cash flow from business operations and the impact that
this cash flow has on the Company's liquidity. (2) For the
purpose of calculating the cash conversion ratio, the Company has
excluded the Seeger divestiture charges from 2020 net income and
the non-cash impairment charge related to the divestiture of the
Seeger business from 2019 net income.
BARNES GROUP INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATION (Dollars in
thousands, except per share data) (Unaudited)
Three months ended December 31, Twelve months ended
December 31,
2020
2019
% Change
2020
2019
% Change
SEGMENT RESULTS Operating
Profit - Industrial Segment (GAAP)
$
24,519
$
30,177
(18.7
)
$
66,582
$
113,968
(41.6
)
Restructuring/reduction in force charges
141
-
15,907
-
Gimatic short-term purchase accounting adjustments
-
(3,313
)
-
2,060
Seeger divestiture adjustments
57
-
2,466
-
Seeger divestiture non-cash impairment charge
-
5,600
-
5,600
Operating Profit - Industrial Segment as adjusted
(Non-GAAP) (1)
$
24,717
$
32,464
(23.9
)
$
84,955
$
121,628
(30.2
)
Operating Margin - Industrial Segment (GAAP)
11.7
%
13.1
%
(140
)
bps.
8.6
%
12.1
%
(350
)
bps.
Operating Margin - Industrial Segment as adjusted
(Non-GAAP) (1)
11.8
%
14.1
%
(230
)
bps.
11.0
%
13.0
%
(200
)
bps.
Operating Profit - Aerospace Segment (GAAP)
$
8,179
$
31,079
(73.7
)
$
56,788
$
122,480
(53.6
)
Restructuring/reduction in force charges
8
-
2,251
-
Operating Profit - Aerospace Segment as adjusted
(Non-GAAP) (1)
$
8,187
$
31,079
(73.7
)
$
59,039
$
122,480
(51.8
)
Operating Margin - Aerospace Segment (GAAP)
10.2
%
22.3
%
(1,210
)
bps.
16.0
%
22.2
%
(620
)
bps.
Operating Margin - Aerospace Segment as adjusted (Non-GAAP)
(1)
10.2
%
22.3
%
(1,210
)
bps.
16.7
%
22.2
%
(550
)
bps.
CONSOLIDATED
RESULTS Operating Income (GAAP)
$
32,698
$
61,256
(46.6
)
$
123,370
$
236,448
(47.8
)
Restructuring/reduction in force charges
149
-
18,158
-
Gimatic short-term purchase accounting adjustments
-
(3,313
)
-
2,060
Seeger divestiture adjustments
57
-
2,466
-
Seeger divestiture non-cash impairment charge
-
5,600
-
5,600
Operating Income as adjusted (Non-GAAP) (1)
$
32,904
$
63,543
(48.2
)
$
143,994
$
244,108
(41.0
)
Operating Margin (GAAP)
11.3
%
16.5
%
(520
)
bps.
11.0
%
15.9
%
(490
)
bps.
Operating Margin as adjusted (Non-GAAP) (1)
11.4
%
17.2
%
(580
)
bps.
12.8
%
16.4
%
(360
)
bps.
Diluted Net Income per Share (GAAP)
$
0.35
$
0.80
(56.3
)
$
1.24
$
3.07
(59.6
)
Restructuring/reduction in force charges
0.01
-
0.27
-
Gimatic short-term purchase accounting adjustments
-
(0.05
)
-
0.03
Seeger divestiture adjustments
-
-
0.13
-
Seeger divestiture non-cash impairment charge
-
0.11
-
0.11
Diluted Net Income per Share as adjusted (Non-GAAP)
(1)
$
0.36
$
0.86
(58.1
)
$
1.64
$
3.21
(48.9
)
Full-Year 2021 Outlook Diluted Net Income
per Share (GAAP)
$
1.63
to
$
1.88
Restructuring/reduction in force charges
0.02
Diluted Net Income per Share as adjusted (Non-GAAP)
(1)
$
1.65
to
$
1.90
Notes: (1) The
Company has excluded the following from its "as adjusted" financial
measurements for 2020: 1) adjustments related to the divestiture of
the Seeger business, including $2.5M reflected within the
Industrial segment's operating profit and $4.2M of tax expense and
2) charges taken in 2020 related to restructuring and workforce
reduction actions to be implemented across its businesses,
including $18.2M reflected within operating profit ($0.1M in the
fourth quarter) and $1.0M reflected within other expense (income),
net ($0.5M in the fourth quarter). The Company has excluded
short-term purchase accounting adjustments related to its Gimatic
acquisition and the non-cash impairment charge related to the
divestiture of the Seeger business from its “as adjusted” financial
measurements for 2019. The non-cash impairment charge was recorded
pre-tax in 2019 as the tax charges resulting from the divestiture
were recorded in the first quarter of 2020 following the completion
of the sale. The tax effects of the restructuring actions in 2020
and the short-term purchase accounting adjustments in 2019 were
calculated based on the respective tax jurisdictions and range from
approximately 26% to 28%. Management believes that these
adjustments provide the Company and its investors with an
indication of our baseline performance excluding items that are not
considered to be reflective of our ongoing results. Management does
not intend results excluding the adjustments to represent results
as defined by GAAP, and the reader should not consider it as an
alternative measurement calculated in accordance with GAAP, or as
an indicator of the Company's performance. Accordingly, the
measurements have limitations depending on their use.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210219005024/en/
Barnes Group Inc. William Pitts Director, Investor Relations
860.583.7070
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